Garanti BBVA Renews Its Sustainable Syndicated Loan

Garanti BBVA General Manager Recep Baştuğ said, “With our strong financial structure and reputation in international markets, we will continue to provide financing from abroad to our country and support the financing of foreign trade.”

Within the scope of its foreign borrowing program, Garanti BBVA has renewed its syndicated loan linked to sustainability criteria at 100%.

According to a statement from the bank, the 367-day syndicated loan, consisting of two tranches amounting to USD 240.75 million and EUR 178.6 million, was signed with the participation of 46 banks from 22 countries.

The total cost of the loan, which will be used for the financing of foreign trade and general corporate purposes, was realized as SOFR + 2.50% and Euribor + 2.25%, respectively.

Garanti BBVA will continue to use the renewed syndicated loan to finance investments that will facilitate the transition to a low-carbon economy and sustainable development, in parallel with its commitment to exit from coal.

Garanti BBVA General Manager Recep Baştuğ, whose views were included in the statement, said that as a bank pioneering sustainable finance in Turkey, they have once again renewed their syndicated loans in line with sustainability criteria.

Baştuğ expressed their happiness for continuing the sustainability-linked syndicated loan structures they initiated in 2020 for the past five years, and added:

“With this agreement, while supporting the financing of our country’s foreign trade transactions, we will continue to increase the financing we provide for strategically prioritized areas such as combating the climate crisis and inclusive growth. In addition to supporting our decision not to finance coal-fired thermal power plant and thermal coal mining activities, we will provide financing for business areas aimed at sustainable development. As Garanti BBVA, with our reputation in international markets and strong financial structure, we will continue to provide financing from abroad to our country and support the financing of foreign trade.”

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